Bank Vocabulary
Subtracting money from a bank account.
What is a withdrawal?
What is 2?
What is a checking account?
The amount of money accumulated over time, including principal and interest.
What is future value?
Taking more money out of your bank account then it has
What is an overdraft?
What is the date?
What is a savings account?
What is certificate of deposit?
Adding money to a bank account.
What is a deposit?
A written order directing a bank to pay a specific amount from one account to another.
What is a check?
This a member-owned financial cooperative that provides banking services.
What is a credit union?
The lowest amount of money you must keep in a savings account.
What is the minimum balance?
Confidential code used to make a transaction with a debit or credit card.
What is a PIN?
Where you write the reason for the check or an account number.
What is the memo?
This is a card that allows access to funds in a checking account for purchases.
What is a debit card?
The type of interest rate offered with traditional savings accounts and CD's.
What is simple interest?
Corporation that guarantees your bank deposits up to $250,000
What is the FDIC?
What 2 numbers are always located on the bottom of a check?
What is the routing number and account number?
This service allows transactions to go through even in insufficient funds are in the account.
What is overdraft protection?
This type of savings account offers the highest interest rates but usually requires a high minimum balance along with some risk.
What is a high-yield savings account?